(1) Field of the Invention
This invention pertains to the field of long-term health care insurance. More particularly, this invention pertains to a computer program and method for use aiding persons in the complex societal and individual decision process of assessing risk and risk mitigation options regarding potential long-term custodial care needs required in a personal residence or care facility due to cognitive impairment or inability to independently perform significant activities of daily living as a result of accidents or chronic health related conditions that may be required by one or more family members.
(2) Description of the Related Art
Various methods and software applications have been developed for use in the estate planing, financial advising, and insurance industries for the purpose of forecasting potential economic risks. Software developed for insurance companies that offer long-term health care insurance typically focus on calculating one or more of insurance benefits, potential growth of benefit dollars depending upon selectable inflation options, and insurance premiums. Additionally, software programs are available that compare the benefits offered by various insurance plans, which in some cases automatically determine the lowest premium based on specific criteria. Furthermore, programs exist that are configured to project future cost of care based on program parameters and user input.
However, it is desirable to improve the ability of persons such as advisors, insurance brokers, estate planers, and potential health care recipients to quickly and effectively observe the magnitude of risks associated with long-term health care under varying scenarios. Furthermore, it is desirable to provide a comprehensive, coordinated software application capable of generating analytic reports driven by specific client input related to the personal goals and objectives of the client in a manner that allows rapid risk assessment of the potential economic impact of long-term care on personal assets.